Amir Shemony on the Key Components to Surviving the Start-Up Stage

Running a start-up can be a risky endeavor for some, as it can be difficult to predict the number of customers you’ll gain, the profitability of your business and your employee retention. Some start-ups soar while others struggle to remain in business during their first year of existence. It can depend upon a variety of factors, many of which are affected by the economy and consumer environment. For instance, entrepreneurs who began a start-up right when COVID-19 hit not only had to navigate typical hurdles faced in these early stages but also had to find ways to survive the pandemic.

Pandemic or not, beginning a start-up requires a diligent work ethic and strategic measures being put into place to grow one’s business organically. There may be some learning curves in the beginning stages, but there are also words of wisdom to be found by entrepreneurs who have been in your place before.

Listed below are a few components critical to success and survival during the start-up stage, both for your company’s continuation and your personal wellbeing.

Live Up to Your Standards

From the foundation of your start-up, it is imperative that you lead your company in the right direction. Those founding principles and values that encouraged you to begin your business should be met at the expectations you first had. One of the biggest components to surviving the start-up stage is meeting the standards you set for yourself and your employees, ensuring that the brand you are building actually meets customers’ expectations. This can go a long way towards building a solid reputation for your start-up and gaining customer loyalty.

The mission statement you developed upon the conception of your business should be an indicator to both you and your customers of the type of standards you wish to meet. If you feel lost in your business endeavors, refer back to this statement to develop strategies that will help you live up to the reputation you set forth for your business.

Embrace Flexibility

In the start-up stage, flexibility is a must. It might be impossible to predict the ins and outs of your business dealings in this early stage. Therefore, although it is wise to have certain expectations and plans in place, be prepared to go off-book at times. The start-up stage can push you in a multitude of directions and open up some business opportunities you hadn’t predicted. The more flexible you are, the more likely you’ll be to survive this season and embrace change when a previous plan isn’t working out as expected. Flexibility translates well into a myriad of industries, serving as a valuable component of any business plan.

Regain Control Over Your Finances

As an entrepreneur, you’ve likely been educated about the importance of finances, so much so that the topic has become a broken record. However, regaining control over your finances is a critical component of surviving the start-up stage. While your personal finances and your business’s finances might differ from each other, the more personal success you have, the more likely your company is to succeed financially. Pay off any outstanding debts, sell items you don’t need and stick to a budget. These solid financial principles will translate well over to your start-up and help you muddle through money problems. This will not only help your business stay afloat, but it will also help your personal finances thrive amid this new business venture.

There are various aspects to running a successful start-up, many of which are learned throughout the process. Depending on your industry, the survival rules might slightly differ from the next, but the aforementioned components generally apply to a myriad of industries.